Orange Strengthens Investment Capacity Across Africa with World Bank Support

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Orange Strengthens Investment Capacity Across Africa with World Bank Support

Orange is amplifying its investment efforts in Sierra Leone and the wider African and Middle Eastern region to foster overall growth. The telecommunications giant, reporting an 11.4% increase in turnover to 7.1 billion euros in 2023, has partnered with the World Bank’s Multilateral Investment Guarantee Agency (MIGA) to enhance investment capacities.
In a recent agreement with MIGA, Orange Middle East and Africa (OMEA) will benefit from guarantees provided by MIGA, covering various subsidiaries, including mobile money activities, in Sierra Leone and other regions.
Hiroshi Matano, executive vice president of MIGA, emphasized the instrumental role of MIGA guarantees in attracting foreign investment to low-income countries. These guarantees protect against political and non-commercial risks, including breach of contract, inconvertibility of currency, transfer restrictions, expropriation, war, civil unrest, and non-compliance with financial obligations.
Orange acknowledged the challenging political and security situations in specific countries, including Sierra Leone, and their adverse economic impacts. This aligns with Orange’s commitment to navigating evolving landscapes in regions such as Egypt, Tunisia, the Democratic Republic of Congo, the Central African Republic, and Burkina Faso.
Senegal, a strategic hub for Orange in Africa, faces political turbulence related to the postponed February 2024 elections, leading to protests and occasional suspension of mobile Internet services since 2023.
Jérôme Hénique, CEO of Orange Middle East and Africa, highlighted the enduring partnership with MIGA. He underscored the role of this collaboration in expanding activities securely across the region, emphasizing Orange’s commitment to leveraging expertise and resources for sustainable development and community empowerment in Sierra Leone and throughout the broader Middle East and Africa.

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